Whether your income is $100,000 or $100,000,000, you may be able to benefit from the standard deduction, even if you are very charitable. All you have to do is bunch your contributions.

If that sounds good to you, you may love the idea of creating a donor-advised fund, sometimes referred to as a philanthropic fund or "phil fund." A donor-advised fund can be established through most community foundations and some other tax-exempt organizations. Many large mutual funds and brokerage firms also make these funds available. You can make a contribution this year that could cover several years of future contributions. You are entitled to the charitable contribution deduction in the year you make the contribution to the fund, even though the funds may go to your charities over many years in the future.

Read the full article on what high-end taxpayers need to know about the standard deduction by Bernie Kent at Forbes.